Mate, the explanation of where the proceeds will be used is stock standard requirement and in the announcement regarding the Institution placement 18th October 2024 as follows :-
Raiden Resources Limited (ASX: RDN) (“Raiden” or “the Company”) is pleased to announce that it has completed the placement of 312,500,000 fully paid ordinary shares (Shares) at 3.2c per Share raising $10M (before costs). The Placement was strongly supported by sophisticated, professional and institutional investors .
Mr Dusko Ljubojevic, the Managing Director of Raiden commented “We are once again thankful to all the investors for their support in this last raise and we look forward to realising the value from the Company’s portfolio.”
Proceeds from the Placement have provided further funding to advance beyond the initial planned drilling activities at the Company’s Andover North and Andover South lithium Projects(for up to 15,000m of drilling), the Vuzel Gold Project (for up to 3,000m of drilling) and working capital.
RDN Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
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